Savings from county refinancing to bolster human services
Mark McCauley, General Services
Phone: (360) 397-2323
Vancouver, WA – Clark County will allocate savings realized with a recent bond refinancing to agencies that provide health and human services as tenants of its Center for Community Health.
The bond refinancing will save money for the county and six non-profit agencies, helping ensure delivery of much-needed programs. Collectively, tenants will save just over $826,000 between now and 2016, when rent and economic conditions will be evaluated to determine whether this year’s reductions may continue. The savings come from a lower interest rate and a smaller principal amount, reducing the total cost of the building over time.
The county built the Center for Community Health, 1601 E. Fourth Plain Blvd. between 2004 and 2006. Bonds refinanced in late March included those issued to build the center, which coordinates public health, youth and family, mental health, drug and alcohol, housing and developmental disability services in one place.
“Social service agencies and nonprofits are struggling in this economy, and state and federal budget cuts have meant scaling back programs,” said Board Chair Marc Boldt. “A break on the rent will help preserve critical services for many residents of Clark County.”
“Rent has been a consistent concern of the tenants, including the county’s health and community services departments,” added County Administrator Bill Barron. “This is a prime opportunity to capture and share savings in a difficult time.”
Service providers that will benefit include Columbia River Mental Health, Community Services Northwest, Cowlitz Indian Tribe Health and Human Service Department, Telecare and Lifeline Connections.
This year, rent will be reduced by a total of $107,500. Next year, the total savings will be $202,140. In future years, the projected total ranges from $170,138 to $173,298.
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